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Fixing Error Widens Again, But Actual USD/CNY Fix At Fresh Cyclical Highs

CNH

The USD/CNY fixing printed at 7.1698, versus a Bloomberg consensus of 7.2090.

  • In USD/CNY terms this is a -392pip surprise, much wider than yesterday's outcome (-59 pips). We are still away from recent wides for this metric though.
  • The actual fixing made a fresh high though for this cycle, up to 7.1698, reversing the stronger trend seen in recent days. The previous high for this cycle was 7.1668, recorded on Tuesday.
  • USD/CNH spiked higher on the fixing outcome, getting close to 7.2700, which was around overnight highs. We are now back to the 7.2550 level though, with softer USD sentiment against the majors helping.
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